ISF Version 3
FTM stores messages in an internal standard format (ISF) that is based on the ISO20022 Data Dictionary and provides rich business content for payments and securities applications.
Typically payments and securities applications must handle a variety of formats and standards (for example, SWIFT, EDI, XML, and NACHA) when exchanging data with other applications and trading partners. This can lead to complex application architectures to handle many different transformation combinations.
The FTM ISF provides a single canonical representation for business
transactions that is independent of the details of each interface.
It is based on a logical message model and uses XML to physically
represent messages. This single canonical representation brings many
benefits, including:
- Reduction in the number of transformation combinations from n2-n to 2n
- Simplification of the business process
- Increased potential for reuse
ISF also provides a framework to define new service interfaces.